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  • Question
  • What is the Debit Balance recovery? How we can recover if we wont have any future transactions from supplier?


  • Correct Answer
  • The Debit balance recovery is usually made by raising a credit memo for the regular vendors However if there are no future transactions from the supplier, we ask the vendor to send the check / make an EFT for the amount due from him When payment is made to the wrong vendor or payment made in excess, in that case overpayment has gone to the vendor, So for us it is vendor debit balance For debit balance recovery, we can either follow-up with the vendor to send us the excess amount / refund back, or we can adjust that extra amount in future invoices submitted by that vendor In Case no future transactions, we have to follow-up with the vendor, falling whicch we have to write off this amount 


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    • 1. Which Bank has obtained RBI approval to open representative offices in Kuwait and Singapore?

    • Options
    • A. SBI
    • B. Federal Bank
    • C. HDFC
    • D. ICICI
    • Discuss
    • 2. Securities and Exchange Board of India (SEBI) is related to

    • Options
    • A. Government of India
    • B. Banks
    • C. State Government
    • D. Share Market
    • Discuss
    • 3. The first step in solving an Ethical Dilemma is to

    • Options
    • A. identify the alternatives
    • B. identify an etical situation and ethical issues involved
    • C. weigh the impact of each alternative on various stakeholders.
    • D. recognize and analyze the principal elements in the situation.
    • Discuss
    • 4. What is the difference between billable and non-billable expenses?
    • Discuss
    • 5. Cash Reserve Ratio ( CRR) and Stautory Liquidity Ratio (SLR ) are terms most closely related to which of the following industries/markets :

    • Options
    • A. Mutual Fund
    • B. Income Tax
    • C. Stock Exchange
    • D. Banking
    • Discuss
    • 6. What is another name for a real account in accounting? is it a permanent or a temporary account? Also, what is another name for a nominal account? is it a permanent or a temporary account ?
    • Discuss
    • 7. Which are the main MIS Reports of an accounts department & what the format of preparing the MIS ?
    • Discuss
    • 8. What is the difference between Consigner and Consignee ?
    • Discuss
    • 9. What does drop ship mean in Accounts ?
    • Discuss
    • 10. Expand CAR, in Banking Terminology?

    • Options
    • A. Current Applicable Ratio
    • B. Capital Adequacy Ratio
    • C. Capital Available Request
    • D. Compiled Acquired Ratio
    • Discuss


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